7 Ways to Protect Yourself from Business Identity Theft

By Eric Rosenberg

Identity theft impacts more than 17 million Americans per year, according to the Bureau of Justice Statistics, and businesses are not immune. The same havoc that identity thieves cause for individuals can harm a business’s finances and credit history. And, unlike individuals, when a business is attacked it could threaten the livelihood of many employees and customers who rely on the company. If you want to avoid identity theft for your business, follow these seven steps.

1. Switch to Digital Statements

Mail theft is a simple but common entry point for bad guys looking to steal a business’s information. Bank statements, credit card bills, human resources files, and other mail can be used to attack the business or others. To end susceptibility of mail theft, turn off the mail.

While most businesses are not able to go completely paperless, switching your bank and other financial statements to paperless takes just a few minutes and closes a major vulnerability. With modern technology, digital statements are safer than paper. Updating your processes to digital accounting and statements can save money and time, and helps protect your business from identity theft.

2. Invest in a Quality Shredder

How many movies have you seen where someone pieces back together strips of paper from a shredder? End that risk with a high quality, cross cut shredder. You can get one online or at a local wholesale club for under $100, and it will protect your business from thousands of dollars in potential losses.  (more…)